# In the matter of Aparna Polyflex Private Limited

> NCLT judgment dated 2024-03-13. Citation: TCN-2024-NCLT-02049. The case pertains to an application under Section 54(1) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 13 Mar 2024
- **Citation:** TCN-2024-NCLT-02049
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aparna-polyflex-private-limited-5b7e211f

## Summary

### Background

The case pertains to an application under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation process) Regulations, 2016 and Rule 11 of NCLT Rules, for the dissolution of the Corporate Debtor, Aparna Polyflex Private Limited. The CIRP was initiated following an application by Nandalal Khandelwal, an Operational Creditor, under Section 9 of the IBC. The CoC resolved to initiate liquidation, and the Tribunal ordered the commencement of liquidation on 25.02.2020. The applicant, Animesh Mukhopadhyay, was appointed as the Liquidator.

## Facts

Nandalal Khandelwal, an Operational Creditor, initiated CIRP against Aparna Polyflex Private Limited under Section 9 of the IBC. The CIRP commenced on 01.10.2019, and Animesh Mukhopadhyay was appointed as the Interim Resolution Professional. The CoC resolved to initiate liquidation on 18.02.2020, and the Tribunal ordered the commencement of liquidation on 25.02.2020, appointing Animesh Mukhopadhyay as the Liquidator. A public announcement was made on 01.03.2020, and 8 claims amounting to Rs. 1955530000.00 were received. Due to the Covid-19 pandemic, the Tribunal allowed an exclusion of 232 days. The liquidation process was halted again due to increasing Covid cases. The liquidator informed SFIO about the liquidation proceedings. The 1st and 2nd SCC meetings were held

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## Issues and analysis

### Issue 1: Whether the delay of 593 days in filing the …

**Ratio:** The Tribunal has the power to condone

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**Reasoning:** The delay was caused by factors such as the time taken to get the lien removed from the

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**Interpretation:** The provision allows for flexibility in timelines when genuine reasons for

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**Application:** The Tribunal considered the reasons for the delay and found them to be

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Nandalal Khandelwa…
- **Respondents:** M/s Aparna…

## Timeline

- **2019-10-01 — Commencement…**: CIRP commenced following an…
- **2020-02-18 — CoC Resolution for…**: The Committee of Creditors (CoC) passed a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54(1) — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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